Daiwa New Issue Color
$220m ($33m) 144a sub cb pricing tonight from MEW/C/CTDL.
Terms: 20 yr, 4-4.5% up 37.5-42.5% nc5y, puts 7/10/15, coco 120%. UOP = $25m stk buyback, 6.25% cb buyback & gcp. A leading provider of electronic design automation software EDA. $1.68mkt cap. Stk double past yr. Feb guidance good w/bookings mo in emulation & PCB segments. Co targeting 50% incremantal margins in FY 12.
PF cash = $353m
PF Debt = $427m
LTM EBITDA = $118m
LTM FCF = $35m
For 7yr, we’ll use L+500
Not a vol stock lately.
Ltd options.
Weekly/daily vol has been coming down to high 20s.
Use 28v for 7yr
Theo = 100.75
Known and liked credit, but not a fan of structure & premo. You’re MENT to use model & push for cheaps, BUT some are MENTAL for new issues.